Donald Trump to blame for Manchester United's KSh 6.2 billion loss

- Manchester have blamed President Donald Trump's revamp on the tax system for their financial half-year loss

- United made an accounting write-off of KSh 6.2 billion in the last quarter

- The tax reforms witnessed the tax rate cut from 35% to 21% in December 2017

- Despite this, Manchester United still remain the richest club in the world ahead of Real Madrid

American-owned Premier League club Manchester United, have placed a Ksh 6.2 billion half-year loss at the feet of United States President Donald Trump.

Trump reduced the US corporate tax rate from 35 per cent to 21 per cent in December last year, forcing the American-owned English side listed on the New York Stock Exchange, to write off KSh 6.2 billion

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The news was revealed in United's financial statement for the quarter which was published on Thursday, February 8, 2018 and seen by TUKO.co.ke

American-owned Premier League club Manchester United, have placed a Ksh 6.2 billion half-year loss at the feet of US President Donald Trump. Photo: The Atlantic

"The US federal corporate income tax rate has reduced from 35 per cent to 21 per cent following the substantive enactment of US tax reform on 22 December 2017," a footnote at the end of the statement read.

"This necessitated a re-measurement of the existing US deferred tax position in the period to 31 December 2017. As a result the loss for the three and six months ended 31 December 2017 includes a non-cash tax accounting write off of £48.8m" the statement indicated.

United's chief executive Ed Woodward, was bullish about the results and said United had opted to focus on future investments. Photo:Fortune

“Our solid business model has allowed us to invest in the future of the club with the extension of Jose Mourinho’s contract as manager and the acquisition of Alexis Sanchez, we look forward to the remainder of the season with confidence,” Woodward said.

In statement released by Deloitte on January 28, 2018, Man United are currently the richest football club in the world ahead of Real Madrid, Barcelona, Bayern Munich and Manchester City respectively.